The Ethereum price is currently rejecting off a key level in the 15 minutes timeframe. This could be the start of a move lower for the Altcoin price.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching and the bearish pattern we are currently tracking.
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Ethereum Bearish Pattern
Earlier this week the Ethereum price broke down from a triangle pattern that was forming in the 15 minutes timeframe. This bearish breakdown was a strong indicator that Ethereum might remain bearish for the short term.
The Triangle pattern is a very unique pattern as it can help us predict the next few moves of an asset once it breaks out. And that breakout is what we are witnessing happen on Ethereum.
This bearish pattern remains valid as far as the Ethereum price continues to trade below the $1,235 key level. The image above is from our bearish price prediction on Ethereum Ethereum Price Bouncing Is The Sell-Off Over?
We are still very bearish on the Ethereum price for now. And the key pattern supporting this bearish prediction in Ethereum is the Triangle pattern currently playing out in the 15 minutes timeframe.
This pattern is still yet to be completed as we believe that Ethereum needs to smash our bearish target of $979 for the Altcoin sell-off to be over.
This bearish move is still yet to happen, so we will be keeping a close eye on the Ethereum price in the coming days to see how the Altcoin reacts at this current level.
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